Fed fines Green Dot $44 million for numerous unfair and deceptive practices -statement
19/07/2024 18:30
WASHINGTON, July 19 (Reuters) - The U.S. Federal Reserve
announced on Friday it had fined Utah-based Green Dot GDOT.N
$44 million for numerous "unfair and deceptive" practices, as
well as deficient risk management.
The central bank said in a statement the firm, which issues
prepaid debit cards, violated consumer law in marketing those
products, as well as its tax return preparation payment
services.
The Fed said the company also improperly blocked accounts of
legitimate customers receiving unemployment benefits, and lacked
policies to address the errors.
(Reporting by Pete Schroeder
Editing by Chris Reese)
((Pete.Schroeder@thomsonreuters.com; 202-310-5485;))